Data analysis indicates that Frax Share has been recording price surges throughout 2023 amid the rising demand for LSDs.
Frax Share is trading well this year
According to data from analytical sites, Frax Shares (FXS) has been performing reasonably well recently. The coin currently trades at upwards of $12, representing a 4.92% price surge in the past 24-hour duration.
Coinmarketcap data indicates that 24 hours ago, the FXS token was trading at a low of $11.50. Furthermore, the data suggest that in the past 24-hour period, the coin has hit a high price of $12.08.
A more extensive scope of the past seven days indicates an even more enormous price surge, with the coin moving from $10.20 to about $12.60. This price surge represents a gain of over 23% in the past week.
Since the start of 2023, this coin has been performing exemplarily based on reports. It has gained value nearly threefold since Jan. 1.
For instance, charts indicate that on Jan. 1, FXS was trading at about $4.13. Considering the current value, FXS gained about 192% in value. Only a few weeks ago, on Feb. 9, FXS made a ten-month high of approximately $13.64.
A look at analytical sites indicates that the investors’ confidence in FXS is very high in all exchanges supporting it. The increased confidence will help FXS surpass resistances at $13.50 and $15. Some experts predict that with the current momentum, FXS will surge to over $16 by the end of 2023.
There are already some bizarre videos discussing this token, with some going as far as predicting future prices.
Due to the ongoing positive trends, FXS’ selling pressure has recently dropped significantly, with people more interested in buying and holding the coin.
Demand in liquid staking derivatives
The growth in Frax Shares can be attributed to the increase in interest for liquid staking derivatives (LSDs) in the recent past.
A recent tweet by a crypto user noted that;
Frax Shares is challenging the top LSD network LIDO with solid features like CVX holdings capable of enabling deep liquidity.